Tuesday, March 24, 2015

Please Help Save Long Island City Clock Tower!

Long Island City Clock Tower! Real estate

    One developing story that I have been closely following is the Long Island City Clock Tower aka the Bank of Manhattan building. I have been concerned with the fate of the Long Island City skyline icon hoping for the better good. Besides the Citigroup building this is probably one of my favorite skyscrapers in Long Island City. But then again Queens doesn't have that much skyscrapers to begin with. During my commute to college, I would always find myself admiring this building. Plenty of transactions are occurring in the area that seriously worries me the fate of the building. Last week the $142 million acquisition of the Center Building was closed, and this building is block away.

Long Island City Clock Tower! Real estate
        Property Markets Group, owns the adjacent lot across to the building. They submitted plans to build a tower on the adjacent lot at 29-37 41st Ave. The proposed building is a 70-story mixed-use high-rise with 930 apartments, retail space, gym and a parking garage. The proposed building is four times the size that current zoning allowed on the lot. This conundrum can be resolved by to combine two or more adjacent lots into one, and that adjacent lot is Clock tower and we don't want that. Last year, Property Market Group purchased the Clock Tower for more than $31 million. The building was pretty much vacant, but the remaining tenants received notices of lease terminations in November, effective May 31 which isn't away, informing them of the "landlord's intention to demolish all or part of the building." Quick facts about the skyscraper it was constructed in 1927 by designed by architect Morrell Smith during the big skyscraper fad. It's 772 feet height. Today, I  (Yes I'm a real estate agent but a friendly one)  had to show a wonderful client an apartment. On my way back home, I was trying to stay updated with the real estate news when I came across to some good news. This Tuesday the Landmarks Preservation Commission will decide whether or not to "calendar" the LIC Clock Tower to be considered for landmark status. If the building reaches landmark status the exterior can't be changed. This building should be a landmark, it's part of history, which is vanishing in Long Island City. Make sure you sign the petition and spread the word. Retweet, share do everything!!!

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